Banner Corp. in Walla Walla, Wash., has named a trio of banking industry executives to its board, including the former chief financial officer at Zions Bancorp.
The $9.8 billion-asset Banner appointed David Matson, Roberto Herencia and Doyle Arnold to its board this week, according to a news release.
Banner appointed Arnold to the board as part of a November 2014 agreement with Oaktree Capital Group Holdings in Los Angeles, according to a regulatory filing. Arnold
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Late Wednesday, Banner Corp. in Walla Walla, Wash., announced it would acquire AmericanWest Bank in a $702 million stock-and-cash deal.
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During Monday's first-quarter earnings call, Zions executives took a moment to thank and tease CFO Doyle Arnold before he retires.
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David Matson will serve on the board's asset and liability committee and on its newly created risk management committee, according to First BanCorp's Tuesday filing with the Securities and Exchange Commission.
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As part of its agreement, Oaktree was granted the right to name a director to Banner's board, as long as the group owns at least 5% of the company. Oaktree owned about 7.6% of Banner as of Feb. 25.
Banner named Matson and Herencia to its board as a condition of its October acquisition of Starbuck Bancshares and its subsidiary, AmericanWest Bank in Spokane, Wash.
Matson is a director of the $13 billion-asset First BanCorp PR in Puerto Rico and is chairman of its risk and audit committees. Previously he was a director of Starbuck Bancshares.
Herencia is chief executive of BXM Holdings, a Chicago investment fund that specializes in community banks. He was also an AmericanWest director. Herencia is also chairman of both First BanCorp in Puerto Rico and the $2.5 billion-asset Byline Bancorp in Chicago.
